Stocks continue to freefall and panic spreads at unparalleled rates. USD/JPY has fallen as low as 101.20 and EUR/JPY to 137.15, the January 2006 lows. The fall is so fast it would not surprise me to hear of the BOJ checking rates, if not actually intervening to weaken the JPY. All its neighbors have been doing so; they may be dragged into the market as a result.
Helping fuel the JPY surge is a broad-based slide in equities, led by the MSCI emerging markets index, which is down over 10%.